Negativity returns. All stock markets down and JPY up on safe haven flow. FTSE enters bear market (20% off last high) and Euro stocks hit 13 month low. WTI sees new lows.
New Zealand missed CPI badly.
UK Average Earnings slight miss.
US Core CPI slight miss.
Canadian MPC keep rates unchanged and are neutral on currency “current stance of monetary policy is appropriate.”
Critical Trades for this week
1. USDCAD – triggered and exited at breakeven just before rate announcement. Will re-enter at same price.
2. USDJPY – safe heaven flow destroys our setup.
3. EURUSD – smaller safe heaven flow takes currency in wrong direction.
4. USDSGD – moving towards entry zone. Note – negative sentiment goes against this trade as it lessens chance of US rate increases which benefits emerging market currencies.
5. USDSEK – remains on watchlist.
Euro Rate decision and Draghi statement.
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